According to Insider Intelligence, US eCommerce sales could reach and surpass $1 trillion this year. Ecommerce is on the rise as more people turn to online shopping to acquire all the latest fashions, technology, basic necessities, and impulse purchases. If you’re interested in starting your own online business, there’s no better time to join the eCommerce industry.
But how do you create the best eCommerce business when you’re on a budget?
Here are our top tips you need to use so you can head down the path of business ownership.
How Much Does an eCommerce Store Cost?
Unlike brick-and-mortar stores, an eCommerce store doesn’t require you to acquire retail space. However, there are still many costs you need to consider.
Starting a new online store can cost you as little as $100, or however much the subscriptions cost. That said, costs can quickly skyrocket if you plan on hiring a developer to design your website or building an in-house team.
Also, do you plan on running your store from home? If so, will you store the inventory?
Here’s a business startup checklist to use when starting out:
- Hosting fees
- Payment processing
- Business costs
- Website development
- Extensions and add-ons
- Marketing
- Brand design
- Domain name
- Paying in-house employees
- Inventory storage
- Supplies
Shop around and get quotes or make a list of the best-priced subscription plans to see what you can find in your budget.
Saving on Hosting
Hosting fees vary depending on the type you go with and how much traffic your website gets. For instance, there’s shared hosting, which is the cheapest kind and generally runs between $3-$15 a month. Dedicated hosting can cost you between $80 and $500 or more.
Find the best plan for your needs. Make sure that the type of hosting you choose is a good fit for eCommerce, and remember you can always upgrade if you need it.
The Domain Name
Did you know that you can score deals on domain names and hosting on Black Friday and Cyber Monday? This can let you test out a hosting option to see if you like it. You can also get your domain name at a discounted price.
There are free domain options, so if you’re on a really tight budget, you can go this route.
Use Ecommerce Platforms
Two big players in the eCommerce industry are Shopify and Weebly. Both are good options for newcomers, though one might offer you more options and suit your business better. From templates to marketing tools and more, you can find it all in one place when you use an eCommerce platform.
Check out this Shopify vs Weebly comparison post to learn more. Going through one of the most popular eCommerce platforms gives new business owners access to all the tools they need to get their shop up and running sooner, and at pretty good prices as well.
Start the Best Ecommerce Business
Start with these tips to get started on creating the best eCommerce business, even on a budget!
Starting a brand new business means constantly learning and growing, so be sure to check out some of our other posts and come back often for more useful tips.
___________________________________________________
Some other articles you might find of interest:
Make your business rock with these business plan writing skills:
Startup’s Guide to Write a Business Plan
Would you like to know how investors value a startup?
How Do Investors Value a Startup?
